A trade-finance fund linked to Jefferies alleged that Radiant World may have held only $10,000 in cash despite audited accounts showing more than $200 million. Reuters and Global Trade Review reported the comparison from submissions in London proceedings. LAM Trade Finance Group II is pursuing what a court document described as “a substantial, complex, $500 million international fraud claim”.
Reuters described Jefferies as holding a minority stake in LAM. LAM has obtained a worldwide freezing order from London’s High Court and further freezing orders in Hong Kong and Singapore, according to the reports. Radiant has denied the allegations.
CASH DISCLOSURE DEEPENS ACCOUNTING DISPUTE
The fund’s submission contrasted the reported $10,000 cash position with more than $200 million shown in audited accounts. LAM also said it doubted the existence of more than $1 billion in receivables on Radiant World’s books, Global Trade Review reported. At the 17 September hearing, the court strengthened the freezing order to require the companies to notify LAM of payments above $500,000, Global Trade Review reported.
Global Trade Review separately reported the hearing and the central cash disclosure.
PARTIES PREPARE FOR FURTHER HEARING
Lawyers for Radiant founder Pinkesh Nahar said it was not clear precisely what role he was alleged to have played. Reuters reported that Radiant and Sapphire Minmetals did not respond to its 17 September request for comment.
Reuters said the next London hearing was likely in late December 2026. Nahar has indicated his intention to challenge the court’s jurisdiction, according to the document submitted by his lawyers.